Haryana Recovers Rs 578 Crore Bank Fraud Amount Within 24 Hours: CM Sain

Haryana Chief Minister Nayab Singh Saini on Tuesday confirmed that the entire Rs 578 crore lost in a fraud at IDFC First Bank has been recovered within 24 hours. The amount included funds belonging to various Haryana government departments, boards, and corporations. Addressing the Assembly, the Chief Minister stated that approximately Rs 556 crore was redeposited by the bank, along with about Rs 22 crore as interest. He emphasized that the full amount has now been credited back to government accounts within a day of the incident. Saini further revealed that the fraud was carried out by four to five middle- and lower-level employees of a bank branch in Chandigarh, who allegedly acted in collusion. He assured that strict action would be taken against any government official or employee found to be involved in the case. The Chief Minister also announced the formation of a high-level committee to investigate the matter. The committee will not only fix accountability but will also recommend measures to prevent similar incidents in the future. Meanwhile, IDFC First Bank, in its official stock exchange filing, stated that it has suspended four employees after detecting fraudulent activity involving approximately Rs 590 crore in certain Haryana government accounts at its Chandigarh branch. The bank has initiated an internal investigation and plans to recover the funds through legal and disciplinary measures. Responding to the development, Reserve Bank of India Governor Sanjay Malhotra said that the reported fraud is not systemic in nature. He added that the central bank is closely monitoring the situation.